Foreclosure Help Can Come in the Form of Bankruptcy

by | Dec 2, 2013 | Lawyers

The moment you are unable to pay your mortgage is the first step towards foreclosure. One missed payment becomes two, then all of a sudden, you find yourself being served foreclosure papers by the bank. It’s not a place you ever envisioned finding yourself, but it is happening. The good news is, you are not without a way to defend yourself, nor do you have to automatically give up just because you can’t make your payments. Foreclosure Help can help you cure your default and allow you to keep your home, or sell it on your terms, provided you get to a lawyer as soon as possible.

In order to keep your home, you have to get ahead of the bank and take action before it can. Once the bank files a motion to foreclose, it is much more difficult to hang on to your residence. By being proactive and getting to a lawyer first, you can potentially save your home. Foreclosure Help puts you in charge of the situation, not the bank.

The most effective defense against foreclosure is to file for bankruptcy, specifically a Chapter 13. Under this chapter of bankruptcy, you have the opportunity to bring all of your debts current through reorganization. When it comes to a mortgage, the court forces the bank to accept the payments that are being offered, along with bringing the mortgage current. Because you filed for bankruptcy first, the bank is going to have a much more difficult time of asking to be removed from the filing.

This is how it usually works: when you file for bankruptcy first, before the bank can file for foreclosure, the bank has no outstanding claim against you for the home. Mortgage payments sent via the court have to be accepted. In the event you filed for bankruptcy after the bank has filed foreclosure paperwork, the bank can request to be relieved from your bankruptcy and proceed with the reclaiming of your home. Chances are good that the court grants relief. This is why it is so important to quickly get to a law firm such as Rapa Law Office P.C. and get help for declaring insolvency before the bank can make a move.

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